Business Technology Essentials

By | August 31st, 2021|Business, Technology|

If you’re new to running a business or maybe you feel like you need to up your game, you may want to take a look at your business technology. There are a number of technology items you can’t live without in today’s business world. Over the last couple of months, we have shared some of our favourite business tech. Today, we’ll share what you simply can’t live without. Business Technology for Marketing Even if your store is physical only and you don’t plan to sell anything online, a presence on the web is important. Many people go online to learn more [...]

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The Safe Way to Collect Electronic Signatures

By | August 26th, 2021|Business, Technology|

Electronic signatures are on the rise now that more and more people work from home. If you require signatures in your business, you may have been wondering if you can legally collect them electronically. And if you can, what is the best way to do this? As an accounting firm dealing with personal information every day, we’ve got the low down on electronic signatures. Read on to learn about electronic signature collection in Canada as well as our recommended programs for capturing signatures. Are electronic signatures legal in Canada? The short answer is yes! E-signatures, including those that require the signer [...]

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Grow Your Business with Shopify

By | August 20th, 2021|Business, Technology|

At its simplest level, Shopify is a platform that allows you to sell your products online and in person. But this platform can help you with so much more than that. We thought we’d share more about all the things you can do with this robust platform. In this article, the folks at Shopify say that when you partner with Shopify, you get the core functions of running a business. More specifically, you get a storefront, a payment processor, a shipping partner, a back office, and a marketing platform.  Read on to learn how one platform can offer all this. Shopify [...]

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How to Process Customer Payments in the Digital Age

By | July 30th, 2021|Business, Technology|

With so many apps and programs available to run your business online and in-person, how do you choose the best way to process customer payments? Without question, you’ll want to choose the app that meets your needs the best.  At Virtual Heights Accounting we have experience with three of the most common payment processing options. Read on to learn more about these options and why we like them. Payment Processing Options For the most part, gone are the days where clients pay you by mailing a cheque. This is a good thing. Speeding up payments means more money to you in [...]

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Does the Canada Revenue Agency Accept Digital Documents?

By | July 24th, 2021|Business, Technology|

Have you ever wondered if the Canada Revenue Agency (CRA) will accept your digital documents in the event you are audited? Given all the business that’s conducted online these days, it’s not surprising the CRA has a policy on electronic record keeping. It’s a fairly lengthy and thorough document, so we’ve included the main points below. If your office is paperless or you are thinking about going paperless, you’ll want to read on! Acceptable Digital Documents The short answer to the question posed as the title of this post is, yes! The CRA does accept digital documents. But you’ll want to [...]

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Organize Your Business Paperwork with Hubdoc

By | July 18th, 2021|Business, Technology, Xero|

How often have you said something along the lines of, “If only I was more organized,” when talking about your business paperwork? Most likely this comes as a result of looking for a document for your accountant or trying to find a bill you need to pay before the deadline. When your business paperwork is organized, you don’t have to waste your precious time hunting for documents. Not only that, but if you use Xero and Hubdoc together, your accountant can access your documents without having to bother you. Why Hubdoc for business paperwork? Hubdoc is an app that can help [...]

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How to Evaluate Your Business Idea

By | June 20th, 2021|Business, Business Coaching|

How do you evaluate your business idea? The fact that you're asking this before jumping into business is a great sign. Many entrepreneurs start their business on a whim only to fail a few years later. While it’s impossible to guarantee that your business will succeed, taking the time to evaluate your business idea before opening your doors to customers will give you a boost when it comes to making sales.  Four Ways to Evaluate Your Business Idea There are endless ways to evaluate your business idea. This post will focus on four. Two of these ideas focus on you, the [...]

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Year End Questions: Why Does My Accountant Ask so Many?

By | June 8th, 2021|Accounting, Business, Taxes|

If you’re new to working with an accountant, it can feel a bit off-putting to have to answer so many business year end questions. However, without asking all these questions, your accountant can’t do their job properly and in compliance with industry standards.  Frustrations around answering questions can be eliminated by understanding why your accountant is asking these questions. Once you understand why your accountant is asking all these questions, you will also be more prepared for meetings. Below, we discuss some of the questions your accountant may ask you and why. Initial Consult Just like when you meet anyone for [...]

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2021 Federal Budget Implications for Corporate Tax

By | May 22nd, 2021|Business, Taxes|

The Canadian government introduced the 2021 Federal Budget in April. This year’s focus is on ending the fight against COVID-19 and ensuring economic recovery by creating jobs and growth in Canada. Business related budget themes include job creation, small businesses, and growth.  What does this mean for you as a business owner? Here are some budget highlights worth considering as they relate to you and your business.  Immediate Expensing of Certain Property Canadian-Controlled Private Corporations can now expense certain eligible capital property. In the past, capital property was expensed over the useful life of the asset, allowing only a portion of [...]

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All You Need to Know About the GST Quick Method

By | May 12th, 2021|Accounting, Business, Taxes|

Have you heard of the GST Quick Method? It’s a faster way to calculate the amount of GST or HST you owe the Canada Revenue Agency (CRA). Of course, it comes with a catch—a few, actually. You can only use this method to calculate your GST owing if you meet the CRA’s criteria. Read on to learn more about the GST Quick Method and if it’s right for you and your business. What is the GST Quick Method? The CRA implemented the quick method of accounting for GST/HST to help small businesses reduce paperwork. Rather than having to report every dollar [...]

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